Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1257
Kijun-Sen level: 1.1279
Ichimoku cloud top: 1.1311
Ichimoku cloud bottom: 1.1357
USD/CAD made a low of 1.11896 and is slightly recovering from that level. Overall trend is bullish as long as support 1.1120 holds.
The pair’s minor support is around 1.1180 and break below on the downside will target 1.1160/1.1120.
USD/CAD short term resistance is around 1.1260 and any indicative break above would extend gain to 1.1370/1.1400 in the short term.
Recommendation: Buy USD/CAD around 1.120, SL 1.1120, Target 1.1400.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1257
Kijun-Sen level: 1.1279
Ichimoku cloud top: 1.1311
Ichimoku cloud bottom: 1.1357
USD/CAD made a low of 1.11896 and is slightly recovering from that level. Overall trend is bullish as long as support 1.1120 holds.
The pair’s minor support is around 1.1180 and break below on the downside will target 1.1160/1.1120.
USD/CAD short term resistance is around 1.1260 and any indicative break above would extend gain to 1.1370/1.1400 in the short term.
Recommendation: Buy USD/CAD around 1.120, SL 1.1120, Target 1.1400.